Ministry of SMEs and Startups Invests 20.7 Billion KRW to Boost Collaboration Among Small Business Owners
Support for Joint Projects to Strengthen the Competitiveness of Small Business Cooperatives
[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Park Young-sun) and the Small Enterprise and Market Service (Chairman Jo Bong-hwan) announced on the 3rd that they will invest a budget of 20.7 billion KRW in a project to revitalize collaboration among small business owners to achieve economies of scale and enhance self-sustainability.
This project consists of joint projects that support small business cooperatives in securing development, branding, marketing, networking, and shared equipment; sales channel support for cooperative products; and a collaboration academy for stable operation. To ensure stable participation of supported cooperatives, the Ministry of SMEs and Startups has advanced the application deadline from March last year to January 31 this year.
The Ministry first classifies cooperatives into general and leading types based on their size. General cooperatives are supported up to 200 million KRW for securing development, branding, marketing, networking, and shared equipment necessary for joint projects, while leading cooperatives are supported up to 500 million KRW. Additionally, to enhance the brand, image, and sales of cooperative products, support is provided for developing online and offline sales channels. The operation of the collaboration academy, which discovers prospective cooperatives, supports stable establishment of new cooperatives through incubating, provides practical education on general cooperative management, consulting, and networking spaces among cooperatives, will also be expanded.
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A Ministry of SMEs and Startups official stated, "We will strengthen demand-tailored support to enhance the capabilities of small business owners and secure their self-sustainability and competitiveness through the spread of successful collaboration models among small business owners."
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